The price of a single bitcoin has exceeded $100,000, but it’s possible to invest in the popular cryptocurrency with far less than that. Even if you only have $5,000 to invest, it’s worth considering investing in fractional shares of bitcoin to diversify your portfolio.
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“Bitcoin is not the easiest investment to understand by most Americans, but it is something to consider investing in, even at a small amount, to take advantage of the opportunity,” said Jeff Bartlett, president and co-founder of GOBankingRates.
If you’re interested in investing $5,000 or less in bitcoin, here are some of the easiest ways to do it.
Cryptocurrency Exchange
Cryptocurrency exchanges, like Coinbase or Kraken, are easy to use for those new to investing in bitcoin. You simply need to set up an account using a valid ID and proof of address, select a payment method — which can be a bank account, debit card or wire — and then buy directly on the platform.
“These platforms offer various tools to simplify purchases,” said Alexandr Sharilov, CEO of CoinDataFlow.com, a global platform that provides real-time cryptocurrency market analytics and insights. “This is ideal for those who are just starting their trading journey, but are ready to dive in.”
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Cash App
If you already have a Cash App account, this is one of the easiest ways to buy bitcoin. On the Cash App home screen, select the “Money” tab, tap on the “Bitcoin” tile and press “buy.”
“This option is best for those who do not want to deal with wallets or private keys,” Sharilov said.
Bitcoin ATM
Bitcoin ATMs allow you to purchase bitcoin from a kiosk using cash or a debit card. Since bitcoin is stored in the blockchain rather than traditional bank accounts, you will need to have an existing bitcoin wallet to utilize a bitcoin ATM.
“Bitcoin ATMs are really convenient to buy with cash, and can be a way [to buy bitcoin] for those who do not trust online platforms,” Sharilov said. “However, the commission on such machines is very high.”
PayPal
Another easy way to purchase bitcoin is via PayPal.
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